Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- Broadcom (AVGO) delivered a solid sales forecast and announced a stock buyback plan worth as much as $10 billion, signaling that its push to capitalize on AI spending is paying off. Revenue will be about $22 billion in the fiscal second quarter, which ends May 3, the company said in a statement Wednesday. Analysts had estimated $20.5 billion on average, with some projections topping $22 billion, according to data compiled by Bloomberg. But the company has also faced skepticism about its AI prospects, with Broadcom shares falling 8.3% this year through the close. They rose about 2% after the results were released.
- Coinbase (COIN) shares rallied one day after Politico reported that the company's CEO Brian Armstrong met privately with President Donald Trump. More broadly, cryptocurrency-linked stocks are rose in trading on Wednesday as Bitcoin rebounded after a selloff spurred by the escalating conflict in the Middle East.
- Moderna (MRNA) agreed to pay $950 million to settle litigation related to the delivery technology behind its Covid shot, removing a looming financial risk for the struggling vaccine maker. The company has settled all litigation worldwide with Arbutus Biopharma Corp. and Genevant Sciences GmbH over its existing and future vaccines, with no future royalties owed. Investors cheered Moderna’s decision to put the case behind it and a lower settlement than feared.
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